Founder and former Chief Executive Officer of Twitter, Jack Dorsey has revealed his intention to create a legal defense fund for bitcoin. Jack intends to actualize this by accordingly working with the Co-founders of Chaincode labs, Alezx Morcos and Martin White.
This development was announced to the bitcoin developers through mail at a reported time of 00:13:45 UTC on January 12. Consequently, Cointelegraph attempted to confirm the authenticity of the mail but had yet to receive any reaction at the time of this report.
According to the mail, the development became necessary following the effects occasioned by the continued threats on defendants. This, according to Dorsey had further capitulated owing to the lack of legal support for them.
Dorsey further describes the creation of the bitcoin legal defense fund as nonprofit oriented. He claims that the fund will only intend to generally minimize legal challenges confronting not just bitcoin software builders, but also other software developers.
Why Bitcoin Legal Defense?
First, the bitcoin legal defense fund will consequently give a legal defense to all bitcoin subscribers. The fund will also include volunteers and vast lawyers who will work on a part-time basis.
Furthermore, the defense platform will come to the rescue of bitcoin developers who are facing court trials over accusations of breach of fiduciary duty. The system will at the same time sponsor the intervention of outside counsels.
Accordingly, the created bitcoin legal defense fund will defend the developers from legal issues affecting their operations. It will achieve this by importantly developing strategies for all pending litigations and payment of incurred legal bills.
Dorsey insists that the management of the defense is independent in choosing the cases it will defend. He further urges the developers to take advantage of the development if they wish.
Now, the platform will not seek to raise money for its activities. Meanwhile, the first assignment of the created legal defense fund is to overtake the ongoing defense of Ramona Ang’s. The case, titled “Tulip Trading Lawsuit” is against Ira Kleiman and other developers. It is, however, a case of alleged misconduct over BTC fortune.